1. At a Glance
Tejas Networks is that desi telecom engineer who topped GATE, joined a PSU project of national importance, delivered something massive, and then forgot to manage his monthly expenses. As of the December 2025 quarter (Q3 FY26), the company stands at a market cap of ₹7,406 Cr, a share price of ₹417, and investor emotions ranging from “long-term vision” to “bhai EMI ka kya hoga”.
The latest quarterly numbers are unapologetically ugly: revenue ₹305.7 Cr, PAT loss ₹196.9 Cr, and EPS -₹11.07. Since these are Quarterly Results, EPS annualisation is locked: -₹44.28. Operating margins are deeply negative, interest coverage is -2.7, and total debt has climbed to ₹4,296 Cr.
Yet, this is also the same company that executed one of the world’s largest single-vendor 4G/5G rollouts for BSNL, shipped telecom gear to 75+ countries, filed 445+ patents, and enjoys the comforting surname of the Tata Group via Panatone Finvest.
So the real question isn’t “loss-making hai ya nahi?”
It’s “yeh loss temporary hai ya lifestyle choice?”
2. Introduction – Financial Year Logic > Calendar Year Logic
Let’s get this straight before anyone throws chappals:
December 2025 quarter = Q3 FY26.
April 2025 to March 2026 is FY26. Period. Lock it.
Tejas Networks was founded in 2000 with a clear mission: build world-class telecom equipment out of India. For years, it survived on R&D pride, modest revenues, and periodic losses—basically the typical “deep tech startup before India respected hardware” phase.
Things changed dramatically post-Tata acquisition. Suddenly, Tejas wasn’t just a vendor; it became a strategic national asset. BharatNet, defence networks, railways, BSNL 4G—Tejas was everywhere. FY25 revenue jumped 261% YoY, margins improved, and the company even reported ₹447 Cr PAT for the full year.
Then FY26 arrived and reminded everyone that telecom projects don’t pay you on UPI the moment you ship equipment. Execution happened. Billing slowed. Inventory piled up. Interest costs exploded. Losses returned.
This article dissects whether FY25 was a lucky spike or FY26 is just cash-flow indigestion after a BSNL buffet.
3. Business Model – WTF Do They Even Do?
Tejas Networks designs and manufactures carrier-grade telecom equipment. In simple terms, they sell the nervous system of the internet—minus the flashy apps.
Their portfolio includes:
- 4G/5G radios (3GPP & O-RAN compliant)
- IP/MPLS routers for core and access networks
- Optical transmission systems (DWDM/OTN)
- Fiber broadband equipment (GPON/XGS-PON)
- Satellite communication & IoT chips (via Saankhya Labs)
Clients range
